PBOC Governor Speaks on the Support Needed for China’s Economic Growth
Yi Gang, Governor of the People’s Bank of China (PBOC), has stated that China’s monetary policy needs to start focusing on targeted support for economic growth while managing reduction of financial risks. He further mentioned that support should be targeted towards key areas and links in the community which need it most.
Policy makers have assured that they will implement support where necessary for job-creating small firms which have been affected by the pandemic. Yi also spoke on China’s monetary policy, stating that it is within normal range and has ample room to provide liquidity and appropriate interest rate levels.
Reports by policy insiders speak of the central bank trying to ease credit growth in order to manage debt risks, but doing so steadily as to not weaken the recovery of China’s economy.